215: Top News Podcast: Russia says will stop military action if Ukraine meets conditions; oil prices cross $130; ONGC shares gain 13% and more

Kremlin on Monday said the Russian military action will stop ‘in a moment’ if Ukraine meets conditions. Russia has demanded that Ukraine ceases military action, changes its constitution to enshrine neutrality, acknowledges Crimea as Russian territory and recognises the separatist republics of Donetsk and Lugansk as independent territories, Kremlin spokesman Dmitry Peskov said.

Russia declared a ceasefire in the areas of Kyiv, Mariupol, Kharkiv, and Sumy to allow evacuations, while major clashes were reported between Russian and Ukrainian forces in Luhansk.

With the war entering the 12th day, oil prices have surged more than 10 percent to cross $130 a barrel, the highest level since 2008, after the United States said it was discussing a potential embargo on Russian supplies with its allies.

In this edition of Top News Podcast, CNBCTV18.com’s Kanishka Sarkar shares the latest on markets, assembly elections, the NSE scam, and more on the Russia Ukraine crisis

Sensex shed 1,491 points to end at 52,842 and Nifty50 finished the day at 15,879.3, down 366.05 points from its previous close. Both Sensex and Nifty50 are now about 15 percent off their all-time highs, scaled in October 2021.

Investors lost more than Rs 5 lakh crore in wealth today as the market capitalisation of BSE-listed companies came down to Rs 241.2 lakh crore, according to provisional exchange data showed.

However, ONGC, which is among the few stocks that stand to gain from rising oil prices, jumped more than 13.2 percent to close at Rs 187.

The Central Investigation Bureau (CBI) last evening arrested former National Stock Exchange CEO Chitra Ramkrishna in connection with the colocation scam. The CBI had on March 5 argued against giving bail to Ramkrishna, who is one of the key accused in the NSE co-location scam.

Meanwhile, it’s a triple whammy for the auto sector as the industry is grappling with a surge in crude prices, an extended shortage of chips due to the Russia-Ukraine war, and higher insurance costs.

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